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Business segments
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Business segments
Business segments
Beginning with the first quarter of 2016, the Company realigned its segments. Several product lines were combined into a new segment, designated as the Completions segment, in recognition of the expanded operations and their significant growth potential. The Company is reporting its results of operations in the following three reportable segments: Drilling & Subsea , Completions and Production & Infrastructure, instead of the original two reportable segments. Management’s change in the composition of the Company’s reporting segments was made in order to align with activity drivers and the customers of our product group, and how management reviews and evaluates operating performance. This change is reflected on a retrospective basis in accordance with GAAP.
The Drilling & Subsea segment designs, manufactures and supplies products and provides related services to the drilling and subsea construction and services markets. The Completions segment designs, manufactures and supplies products and provides related services to the well construction, completion, stimulation, and intervention markets. The Production & Infrastructure segment designs, manufactures and supplies products, and provides related equipment and services for production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our Board of Directors view the business. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.


The amounts indicated below as "Corporate" relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands):
 
 
Year ended December 31,
 
 
2016
 
2015
 
2014
Net sales:
 
 
 
 
 
 
Drilling & Subsea
 
$
227,872

 
$
487,299

 
$
864,320

Completions
 
127,432

 
267,236

 
441,345

Production & Infrastructure
 
233,754

 
320,442

 
436,271

Intersegment eliminations
 
(1,423
)
 
(1,325
)
 
(2,219
)
Total net sales
 
$
587,635

 
$
1,073,652

 
$
1,739,717

 
 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
 
Drilling & Subsea
 
$
(53,589
)
 
$
6,890

 
$
131,072

Completions
 
(45,075
)
 
11,124

 
126,590

Production & Infrastructure
 
655

 
22,658

 
56,148

Corporate
 
(27,440
)
 
(28,077
)
 
(42,015
)
Total segment operating income (loss)
 
(125,449
)
 
12,595

 
271,795

Intangible asset and goodwill impairment
 
—

 
125,092

 
—

Transaction expenses
 
865

 
480

 
2,326

(Gain)/loss on sale of assets
 
2,638

 
746

 
1,431

Income (loss) from operations
 
$
(128,952
)
 
$
(113,723
)
 
$
268,038

 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
Drilling & Subsea
 
$
27,765

 
$
33,348

 
$
36,148

Completions
 
23,405

 
24,317

 
20,135

Production & Infrastructure
 
4,935

 
7,377

 
7,856

Corporate
 
5,655

 
641

 
933

Total depreciation and amortization
 
$
61,760

 
$
65,683

 
$
65,072

 
 
 
 
 
 
 
Capital expenditures
 
 
 
 
 
 
Drilling & Subsea
 
$
7,822

 
$
13,803

 
$
22,891

Completions
 
2,509

 
8,401

 
19,942

Production & Infrastructure
 
1,953

 
3,102

 
4,569

Corporate
 
4,544

 
6,985

 
6,390

Total capital expenditures
 
$
16,828

 
$
32,291

 
$
53,792

A summary of consolidated assets by reportable segment is as follows (in thousands):
 
 
As of December 31,
Assets
 
2016
 
2015
 
2014
Drilling & Subsea
 
$
786,455

 
$
912,324

 
$
1,204,416

Completions
 
675,987

 
728,745

 
726,972

Production & Infrastructure
 
175,940

 
187,741

 
231,771

Corporate
 
196,810

 
57,232

 
50,943

Total assets
 
$
1,835,192

 
$
1,886,042

 
$
2,214,102


Corporate assets include primarily deferred tax assets and deferred loan costs.
Net sales by shipping destination and long-lived assets by country were as follows (in thousands):
 
 
Year ended December 31,
Net sales:
 
2016
 
2015
 
2014
 
 
$
%
 
$
%
 
$
%
United States
 
$
361,941

61.7
%
 
$
646,928

60.3
%
 
$
1,049,609

60.3
%
Europe & Africa
 
77,847

13.2
%
 
188,414

17.5
%
 
305,376

17.6
%
Asia-Pacific
 
51,880

8.8
%
 
69,923

6.5
%
 
154,669

8.9
%
Middle East
 
25,975

4.4
%
 
59,680

5.6
%
 
65,498

3.8
%
Canada
 
42,520

7.2
%
 
57,837

5.4
%
 
103,077

5.9
%
Latin America
 
27,472

4.7
%
 
50,870

4.7
%
 
61,488

3.5
%
Total net sales
 
$
587,635

100.0
%
 
$
1,073,652

100.0
%
 
$
1,739,717

100.0
%
 
 
As of December 31,
Long-lived assets:
 
2016
 
2015
 
2014
United States
 
$
809,545

 
$
869,388

 
$
932,173

Europe & Africa
 
184,768

 
202,852

 
313,589

Canada
 
79,403

 
83,688

 
59,207

Asia-Pacific
 
7,855

 
8,192

 
9,132

Middle East
 
3,175

 
3,189

 
3,192

Latin America
 
730

 
921

 
1,650

Total long-lived assets
 
$
1,085,476

 
$
1,168,230

 
$
1,318,943


Net sales by product lines were as follows (in thousands):
 
 
Year ended December 31,
 
Net sales:
 
2016
 
2015
 
2014
 
 
$
%
 
$
%
 
$
%
Drilling Technologies
 
$
139,458

23.7
 %
 
$
298,209

27.7
 %
 
$
543,281

31.1
 %
Subsea Technologies
 
88,414

15.0
 %
 
189,090

17.6
 %
 
321,039

18.5
 %
Downhole Technologies
 
55,191

9.4
 %
 
106,532

9.9
 %
 
190,771

11.0
 %
Stimulation and Intervention
 
72,241

12.3
 %
 
160,704

15.0
 %
 
250,574

14.4
 %
Production Equipment
 
77,166

13.1
 %
 
145,927

13.6
 %
 
228,815

13.2
 %
Valve Solutions
 
156,588

26.6
 %
 
174,515

16.3
 %
 
207,456

11.9
 %
Eliminations
 
(1,423
)
(0.1
)%
 
(1,325
)
(0.1
)%
 
(2,219
)
(0.1
)%
Total net sales
 
$
587,635

100.0
 %
 
$
1,073,652

100.0
 %
 
$
1,739,717

100.0
 %